Yesterday, Vancouver-based Ritchie Bros. Auctioneers (TSX: RBA) announced that it had reached US$1 billion in online equipment sales in 2011.
In 2002, Ritchie Bros. introduced its online bidding service for construction, transportation and other equipment. Use of the service has grown steadily since it launched.
In 2011, Ritchie Bros. has attracted more than 190,000 online bidder registrations from people in 118 countries. It’s online auctions have sold 312,600 items to online bidders since 2002.
Recent enhancements have added to its global appeal, including the introduction of online bidding in an additional six languages.
The company also introduced detailed equipment information in 21 languages, allowing customers to conduct a virtual equipment inspection before bidding online or on-site.
Peter Blake, CEO, Ritchie Bros, said, “Selling $1 billion of equipment over the Internet in one year puts Ritchie Bros. in the realm of household names like Toys ‘R’ Us and Zappos.”
The auction house has another 21 auctions scheduled before the end of 2011.
Jennifer Harrison
@JHarrisonBIV